[PPT] - Investor Presentation 25 October 2006 CEO Presentation Continued PowerPoint Presentation

SLIDE 1

Investor Presentation 25 October 2006

SLIDE 2

CEO Presentation

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3

Continued strong results – exceeding targets

Income up 12% to EUR 5,478m (EUR 4,877m in the first nine months of 2005)
Gain on sale of shares in International Moscow Bank (IMB) of EUR 199m included in

the third quarter

Net profit up 29% to EUR 2,277m (EUR 1,763m)
Operating profit up 24% to EUR 2,853m (EUR 2,300m)
Costs up 3%
Gap between revenue and cost growth 5.1%-points, excl. impact of IMB sale
Cost/income ratio continued down
Positive net loan losses of EUR 175m (EUR 130m) – 10th consecutive quarter with

net recoveries

Earnings per share EUR 0.88 (EUR 0.66), up 33%
Return on equity 22.6% (18.8%)

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4

Organic growth strategy consistently pays off – strong momentum in key growth areas

Consumer lending up 12%
Number of credit cards increased by 22%
SMEs lending up 10%
Increased cross-selling of Markets’ products to SMEs
Assets under Management up 10%
Strong growth in Private Banking
Net written premiums in Life up 32%

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5

Strong rebound in equity markets and

decreased concern for a hard landing in the US economy

Market turbulence has had limited

fundamental effects on Nordea

Macroeconomic outlook for the Nordic

region remains favourable – also in 2007

Robust performance despite volatile markets

Euro Zone, Government Benchmarks, 5 Year, Yield, Average, EUR Nordic Countries, MSCI, Index, Close Source: Reuters EcoWin Jan 06 Feb Mar Apr May Jun Jul Aug Sep Oct Index 4700 4800 4900 5000 5100 5200 5300 5400 5500 5600 5700 5800 5900 Percent 2.9 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9 4.0 4.1

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6

Operating profit

EURm YoY

Up 24%
Up 15% excl. gain from sale of IMB

shares

Operating profit in BAs up 16% excl.

gain from sale of IMB shares

Business model and growth strategy

consistently pay off

Decision to invest in profitable growth

areas, eg long term savings, Growth Plan Sweden and Poland & Baltics

Q3oQ2

Up 14%
Down 7% excl. gain from sale of IMB

shares

lower Equity method after disposal sale of Suomen Asiakastieto in Q2 Lower loan loss recoveries in Q3 Adjusting for these effects operating profit is

1% better in Q3

Best Q3 result ever

688 728 748 858 932 1,063 884 864

100 200 300 400 500 600 700 800 900 1,000 1,100 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Excl. gain from sale of IMB shares

SLIDE 7

7 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Reported

Excl. gain from sale of IMB

EUR

Continuous increase in earnings per share

rolling 12 months

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8

Revenue growth in Nordea

4,877 Income Jan-Sept/06 Volumes, margins lending Savings: AM, Life, brokerage and savings accounts Markets + 10 +142 + 101 Income Jan-Sep/05

EURm

5,478 +149 Other +199 Gain from sale of IMB shares

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9

Unchanged cost focus

Costs up 3%
In line with increased growth focus
Approx. half of the cost increase (EUR

45m) related to investments in growth areas

General wage inflation above 3%

2,712 2,806 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 Jan-Sept/05 Jan-Sept/06 EURm

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10

Cost/income ratio continues downwards

Continued down to 53% in Jan-

Sept/06 (excl. gain from sale of IMB shares)

income up 8% costs up 3% Reported C/I incl. IMB 51%

Continuous strong growth in

revenues

Delivery in line with financial targets

60 53 56 10 20 30 40 50 60 70 2004 2005 Jan-Sept/06 %

*

*Excl. gain from sale of IMB shares

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11

Gap between income and cost development

Percentage points

Reported gap of 9%, excl. full

impact from sale of IMB 5.1%

Capture profitable revenue
pportunities
Top line increasingly contributing
Maintaining a gap secures delivery
f net profit and RoE

high value creation

1 7 9 5 7 1 2 3 4 5 6 7 8 9 10 2003 2004 2005 Jan-Sep/06

Gap excl. full impact from sale of IMB shares

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12

Key growth areas – progress already visible

Accelerate market position within consumer credits incl. cards
Consumer lending up 12%, sale of credit cards up 23%
Continue to leverage on strong position within long-term savings, eg Private

Banking and Retail funds

Strong increase in AuM - total net inflow EUR 9.4bn
Strengthen the position in Sweden – focus on advisory services
Improved financial performance
Harness Nordea’s leading position in capital markets – leveraging Nordea’s

customer base. Untapped potential among SMEs

Stay competitive in mortgage market. Use the mortgage product as a potential

customer acquisition vehicle – case Norway

Market share of new mortgage lending in Norway 23% Ytd
Further position Nordea successfully in the Baltics, Poland and Russia
Lending up 43% in the Baltics and Poland

Increasing the number of core clients

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13

140 106 160 114

No. of customers

(mill.) Volume per customer (EUR'000) Business volumes (EUR bn)

1.3 1.4

Customer programmes - increasing business rewards both customers & Nordea

Strong growth in core segment Sep 05 to Sep 06 6.4% 7.6% 14.6%

Key focus

converting intermediate customers to core

customers

customer satisfaction and loyalty business volume per customer

Strong success to date

Increased no. of core customers and business

volumes per customer drive the improved earnings

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14

Continue to leverage on strong position within long- term savings – Private Banking

EURbn

Strong asset growth in Nordic Private

Banking

net inflow in Q3 13% annualised result of roll-out of new common advisory

concepts, particularly in Norway and Sweden

AuM up 17% YoY

29 31 33 34 36 37 39 8 8 8 9 9 9 9 5 10 15 20 25 30 35 40 45 50 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

European private banking Nordic private banking

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15

Accelerate market position within consumer lending and cards

EURbn YoY

Consumer lending up 12%
Approx. 400 000 new cards issued
In total 5.4 million cards issued
f which approx. 27% credit cards
no. of credit cards up 23%

Q3oQ2

Consumer lending up 4%

annualised 16%

Growth strategy and penetration of

customer base is paying off

Margins basically unchanged

adjusting for business mix

Card commissions up 4%

12,9 13,2 13,5 13,8 13,9 14,2 14,9 15,4

2 4 6 8 10 12 14 16 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Retail consumer lending

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16

Continue to leverage on strong position within long term savings – stepwise increase in premiums in Life

EURm

Net written premiums up 32%
Unit linked share of premiums 40%
Increased penetration in the customer

base – successful cooperation between Life and Retail

Nordea’s share of signed agreements in

Mandatory Company Pension (MCP) Norway above 20%

Market share of new written premiums
n private market 8.1% in Sweden end

June

590 458 404 607 582 560 454 198 187 174 474 390 404 267

100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Traditional insurance Unit linked

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17

To capture growth potential, more than 200 advisors and specialists have

been recruited during the year

Target areas for new recruitment have been;

Private advisory services in the branches (90) Life & pension (62) Private Banking (20) Corporate advisory services in the branches (37)

Successful introduction of new employees
New sales in line with expectations
New employees contribute to an even more proactive sales culture
10 venues and branches will open up during the autumn and beginning of

2007

Growth in Sweden delivering according to targets

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18

Increased cross-selling of Markets related products to SMEs

Nordea Markets

Successful penetration
Leveraging Nordea’s customer base

SME segment still under penetrated

Focus on customer solutions rather

than product push

strong concepts in risk management and

asset-liability management

increased capabilities in derivatives

Revenue increase driven by

structured products still strong and stable core business in F/X

and fixed income trading

100 200 300 400 500 600 700

2001 2002 2003 2004 2005 Jan- Sep/06

Total income Total costs Operating profit

EURm

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Outlook

Nordea continues its successful execution of the organic growth

strategy

Nordea is confident in reaching the ambition of at least 5 %-points gap

between revenue and cost growth for 2006 even when excluding the impact from the sale of shares in IMB

A cost increase in line with the first three quarters is expected for the

full year 2006

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Summary

Continued strong result despite fierce competition – exceeding targets

RoE excl. gain from sale of IMB shares 20.7%

Gap between revenue and cost growth 5 percentage points when

excluding the full impact of IMB sale

Improved cost efficiency

Cost/income ratio down to 53% when excluding the sale of IMB shares. Reported C/I 51%

Nordea’s growth strategy is paying off

increasing no. of core customers strong performance in long term savings – especially private banking increased penetration among SME clients with Markets related products lending volumes up from high level growth strategies in Sweden and Poland & Baltics developing well

SLIDE 21

CFO Presentation

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22

Income statement summary

24 2,300 2,853 Operating profit 29 1,763 2,277 Net profit 57 46 72 Equity method 80 227 409 Other income 130 175 Loan losses 3

33

3 6 12 30 8 5 Chg %

2,712
100
1,062
1,550

4,877 468 1,406 2,730 Jan-Sept 05

67

Depreciation

1,094

Other expenses

2,806

Total operating expenses

1,645

Staff costs 5,478 Total operating income 609 Net gains/losses on items at fair value 1,525 Net fee and commission income 2,863 Net interest income Jan-Sept 06 EURm

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23

Income statement summary

18 14

2

10

5

8 158

43

5

5

2 Chg % 728 932 1,063 Operating profit 563 740 872 Net profit 11 30 17 Equity method 62 98 253 Other income 23 89 55 Loan losses

896
31
345
520

1,601 139 469 920 Q3/05

945
21
372
552

1,785 179 521 957 Q2/06

23

Depreciation

355

Other expenses

928

Total operating expenses

550

Staff costs 1,934 Total operating income 188 Net gains/losses on items at fair value 497 Net fee and commission income 979 Net interest income Q3/06 EURm

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24

Net interest income

EURm YoY

Up 5%
Up 6% in Business Areas
Increased contribution from deposits on back
f higher interest rate level and volume growth

NII from deposits accounts for approx. 17% of

total revenues

Total lending up 11%

mortgage lending up 13% SME lending up 10%

Pressure on lending margins

particularly on mortgages in Norway

Q3oQ2

Up 2%
Improved deposit margins
Positive contribution from consumer credits
Underlying lending growth in BAs up 9%

adjusted for currencies and repos.

Day effect approx. EUR 10m

913 933 927 957 979 920

100 200 300 400 500 600 700 800 900 1,000 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

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25

6 4 Treasury 8 22 Other, net (incl. day count effect) 22 133 Total

17
130

Margin driven

44

174

53 184

237

YoY 11

Deposit margins
28

5 20

25

Q3oQ2

Lending margins
Deposit volumes
Lending volumes

Volume driven

Change in net interest income

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26

Net commission income

EURm YoY

Up 8%
Savings commissions up 8%

Asset Mgmt commissions up 9% Life insurance up 11% Brokerage up 9%

Payment commissions up 5%

Cards up 9%

Q3oQ2

Down 5%
Brokerage down due to seasonally

low activity and fewer issues of index- linked bonds

Lower commission from Acquisition

finance

484 529 507 521 497 469

100 200 300 400 500 600 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

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Breakdown of commission income - gross

281 306 319 338 335 325 301 162 175 177 177 171 183 187 82 90 87 98 88 86 87 51 48 32 59 41 45 36 40 80 120 160 200 240 280 320 360 400 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Savings related Payments related Lending related Other

EURm

Of which Asset Mgmt Of which Cards

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28

Customer business drives increase in net/gains losses

EURm YoY

Revenue increase driven by

structured products strong and stable core business in F/X and

fixed income trading

Net gains/losses in BAs increased by 27%

to EUR 538m

Q3oQ2

Unchanged in BAs despite seasonal

effects in Q3

Stable contribution from Group Treasury

134 190 210 164 80

20
43

32 15 24 159 164

60
40
20

20 40 60 80 100 120 140 160 180 200 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Business Areas Treasury and eliminations

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29

8 164 15 7 72 70 Q3/06 68 134 23 3 51 57 Q2/05 7 164 17 4 68 75 Q2/06 4 6 10 8 Asset Mgmt 76 74 83 87 CIB

15
21
31

40 Group Treasury 131 159 190 210 BAs 32 83 Q1/06 32 47 Q3/Q5 3 48 Q1/05 33 64 Q4/05 Life Retail Net/gains losses, EURm

Increased revenues from net/gains losses in BAs

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30

89

33

122 14 32 76

Jan-Sept 2005

120

32

152 17 55 80

Jan-Sept 2006

Group Funding Group Investment

22

108 35

3

76

Jan-Sept 2006

93 29 44 Income

2

16 20 Other income

21
12
10

Expenses 58

34

Jan-Sept 2006

61

48

Jan-Sept 2005

29

124

Jan-Sept 2005

Operating profit Net gains/losses Net interest income EURm

Group Treasury

Strong result in volatile market conditions

annualised investment return in Q3 3.60% compared with funding cost of 3.25%

perating profit up 35% YoY

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31

Total operating income

EURm YoY

Up 12% reported
Up 8% excl. gain from sale of IMB shares
Steady increase in net interest income

lending volume growth compensating for

margin pressure

strong revenue contribution from deposits

Commission income up 8%

payment commissions up 5% savings commissions up 8%

Net/gains losses up 30%

strong increase in customer driven businesses

Q3oQ2

Up 8% reported
Down 3% excl. gain from sale of IMB shares

lower Equity method after disposal sale of Suomen Asiakastieto in Q2

1,694 1,696 1,759 1,785 1,934 1,601 1734

200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Excl. gain from sale of IMB shares

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32

Expenses

EURm YoY

Up 3% - ambition to capture opportunities

in growth markets

Approx. half of the cost increase (EUR

45m) related to investments within growth areas

Growth Plan Sweden, Life, Poland & Baltics

Staff costs up 6%

increase of FTEs by approx. 2% general wage increase above 3% increased variable salaries correspond to

1% of increase

Other expenses incl. depreciations

unchanged

despite higher business volumes

Q3oQ2

Down 2%
Staff costs unchanged
Other expenses incl. depreciations down

4%

515 532 543 552 550 364 345 393 367 372 355 35 31 31 23 21 23 520

100 200 300 400 500 600 700 800 900 1,000 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Staff costs Other expenses Depreciation

933 896 914 928 956 945

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Expense distribution

2,712 Expenses Jan-Sept 06 Cost increases

adj. for changed

variable salaries and investments in growth areas Increase in variable salaries +27 +22 Expenses Jan-Sept 05 EURm 2,806 *Such as investments in Growth Plan Sweden, Cards, Life, Private Banking Investments in growth areas* +45

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34

Staff costs

1,550 Staff costs Jan-Sept 06 Wage increases Increased variable salaries Subtotal Staff costs Increase in FTEs, net +47 +22 1,619 +26 Staff costs Jan-Sept 05

EURm

1,645

No. of recruited

FTEs: approx. 1,900

No. of FTEs that

has left: approx. 1,250

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35

Number of FTEs

Strong market growth explains increase in

FTEs

Shift towards increasing no. of advisors

and sales related FTEs in BAs and falling

no. of FTEs in processing and staff units

28,730 28,925 29,052 29,201 29,396

4,000 8,000 12,000 16,000 20,000 24,000 28,000 32,000 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 6,193

258

6,289 6,031 Group Functions 22,732 +924 22,441 23,365 BAs 28,925 +666 28,730 29,396 Total

10
248

+220 +315 +389 Chg YoY 1,192 5,097 1,888 3,287 17,266 Q3/05 1,182 4,849 2,108 3,602 17,655 Q3/06 1,147 5,046 2,033 3,326 17,373 2005 Group Staffs CIB GPT AM & Life Retail FTEs

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36

Cost/income ratio continues downwards

Continued down to 53% in Jan-

Sept/06 (excl. gain from sale of IMB)

income up 8% costs up 3% reported C/I incl. IMB 51%

Continuous strong growth in

revenues

Delivery in line with financial targets

60 53 56 10 20 30 40 50 60 70 2004 2005 Jan-Sept/06 %

*

*Excl. sale of IMB

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37

Loan losses

EURm YoY

Positive loan losses reflecting record

low new provisions coupled with recoveries maintained at a high level

Q3oQ2

Continued flow of recoveries and low

new provisions

Overall credit quality strong in all

markets

23
31
89
55
6
7
101
120
100
80
60
40
20

20 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

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38

0.21 74 416

1,188

1,604 Q3/06 0.20 76 405

1,272

1,677 Q2/06 0.18 80 341

1,371

1,712 Q1/06 0.25 78 449

1,545

1,994 Q3/05 0.18 81 339

1,481

1,820 Q4/05 Reserves Provisions/impaired loans, gross,% Impaired loans, net/lending,% Impaired loans, net Impaired loans, gross

EURm. End of period

Impaired loans

Net impaired loans as per cent of total lending: 21bp

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39

Net profit

EURm YoY

Up 29%, 18% excl. gain from sale of

IMB

Operating profit up 24% Tax rate 22% (23% Ytd 05) following

revaluation of tax asset in Finland

Q3oQ2

Up 18% incl. IMB gain
Excl. IMB gain slightly lower

lower loan loss reversals lower Equity method after disposal sale of Suomen Asiakastieto in Q2

563 665 740 872 506 673 100 200 300 400 500 600 700 800 900 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Excl. gain from sale of IMB shares

SLIDE 40

40 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Reported

Excl. gain from sale of IMB

EUR

Continuous increase in earnings per share

rolling 12 months

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41

Return on equity

%

Higher RoE - 22.6%

20.7% excl. gain from sale of IMB

At top level among Nordic peers
RoE well above 2007 target of >17%

18.0 22.6 20.7 18.8 5 10 15 20 25 2005 Jan-Sept/05 Jan-Sept/06

Excl. gain from sale of IMB shares

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42

Capital position

%

Tier 1 ratio 6.9%
Profitable volume growth
Total capital ratio at 9.5%

7.0 6.8 6.8 6.8 6.9 7.0

1 2 3 4 5 6 7 8 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

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43

Risk-weighted assets (RWA)

EURbn YoY

RWA up 14%

Total lending up 11% Off-balance commitments up 30%

Q3oQ2

RWA up 3%

Lending up 2%

153 159 162 169 174 180 185

20 40 60 80 100 120 140 160 180 200 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

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44

Return on risk weighted assets, annualised

153 159 162 169 174 180 185 1,29 1,77 1,39 1,20 1,53 1,64 1,46 20 40 60 80 100 120 140 160 180 200 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 2,2

RWA Return on RWA (net profit, annualised)

EURbn %

*

* Excl. Gain from sale of IMB shares

SLIDE 45

Business trends

SLIDE 46

46

2% 10%

– SME lending

4%

7%

– CIB lending excl. Markets

0% 10% Deposits, total

18% 13% 8% 12% 13%

10%

YoY

2%

– CIB deposits excl. Markets

2%

– SME deposits

2% 4% 3%

1%

Q3oQ2

– Household deposits – Consumer lending** – Mortgage lending

Lending, total

Robust volume growth continues

*Underlying volume growth in business areas more than 2% **Retail consumer lending (collateralised + non-collateralised consumer lending)

*

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47

Total lending

20 40 60 80 100 120 140 160 180 200 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Corporate Housing loans Other loans Public sector

EURbn

148 146 182 149 147 147 156 155 170 161 175 189 199 191 201

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48

Household mortgages, volumes and margins

44.3 45.7 48.2 48.9 50.0 52.6 54.5 56.3 57.7 60.4 62.6 64.5 65.8 68.5 70.6 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5 1.6

EURbn %

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49

Nordic mortgage market

Nordic trends have converged

margins stable in Denmark at approx. 50bp margins on new lending in Finland and Sweden – show signs of

stabilisation

margins in Norway approaching Nordic average – proactive pricing and

lag effect from central bank hike

Acceptable profitability measured by risk adjusted return. The

mortgage seen as an important customer acquisition vehicle

Revenues from mortgages account for less than 9% of Nordea

revenues

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50

Strong market share growth in

Norway and Denmark

Nordea prioritising core

customers in Sweden and Finland

Improved market position in Q3

EURbn FI NO SE DE Market share 31.2% 12.3% 15.6% 15.2% EoP Aug 06 Market share 25.7% 22.5% 12.7% 20.0%

f new lending Ytd

Mortgage - performance in line with strategy

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51

Retail consumer lending, volumes and margins

12,1 12,2 12,4 12,4 12,2 12,5 12,7 12,9 13,2 13,5 13,8 13,9 14,2 14,9 15,4 2 4 6 8 10 12 14 16 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 0,0 0,6 1,2 1,8 2,4 3,0 3,6 4,2 4,8

EURbn %

SLIDE 52

52

Lending to corporates (SME), volumes and margins

57,3 57,3 57,4 56,7 56,3 58,1 58,5 61,0 64,0 65,3 67,9 70,0 70,9 73,2 73,4 10 20 30 40 50 60 70 80 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 0,6 0,7 0,8 0,9 1,0 1,1 1,2 1,3 1,4

EURbn %

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53

CIB lending, volumes and margins*

21.7 22.6 21.4 18.4 18.1 20.3 19.0 18.0 21.4 21.7 20.8 21.2 22.6 23.3 22.3 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.4 1.5

EURbn % * Excl. Markets, Poland and Baltics

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54

Total deposits

10 20 30 40 50 60 70 80 90 100 110 120 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Of which household deposits

EURbn

97 98 92 96 93 91 95 105 105 108 106 116 119 113 119

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55

Retail deposits, households, volumes and margins

40,2 40,7 41,7 41,3 40,4 42,3 42,9 43,8 44,1 45,7 46,9 47,0 47,1 49,6 50,1 5 10 15 20 25 30 35 40 45 50 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6 1,8 2,0 2,2 2,4

EURbn %

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56

Structural Interest Income Risk (SIIR)

165

174 Q3/06

182

140 Q3/05

189

175 Q2/06 Decreasing market rates, 100bp Increasing market rates, 100bp EURm, annualised effect on NII*

*Approx. end of period SIIR is defined as the effect on net interest income (NII) in the next 12 months if market rates change by one percentage point. Figures are asymmetrical as interest rates on deposits from customers cannot be reduced below 0%. Figures are based on maturity and repricing structure, and the effect going forward will be subject to management decisions and the competitive situation in the market.

Nordea deposits unchanged in Q3 at EUR 119bn
Increased rate level reduces SIIR for rates down

SLIDE 57

57

Retail deposits, SME, volumes and margins

26,2 26,3 26,7 28,3 28,4 28,9 28,8 30,5 29,4 30,1 31,5 33,4 32,6 34,8 34,7 5 10 15 20 25 30 35 40 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 0,0 0,2 0,4 0,6 0,8 1,0 1,2 1,4 1,6

EURbn %

SLIDE 58

58

CIB, deposits, volumes and margins*

14.4 15.4 13.3 15.2 14.9 17.9 18.0 21.0 23.2 20.4 18.5 22.1 21.2 22.3 21.8 2 4 6 8 10 12 14 16 18 20 22 24 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.55 0.60

EURbn % * Excl. Markets, Poland and Baltics

SLIDE 59

59

20 40 60 80 100 120 140 160 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Nordic Retail funds European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension

Assets under management

EURbn YoY

Up 10%
Strong growth in Private

Banking, up 17%

Continued growth in Retail

funds, up 9%

Asset growth from well

diversified sale platforms

Q3oQ2

Up 3%

158 144 148 153 154

SLIDE 60

60

2
1

1 2 3 4 5 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Nordic Retail funds European Fund Distribution Nordic Private Banking International Wealth Management Institutional clients Life & Pension

Net inflows

EURbn

Net inflow EUR 9.4bn last 12

months

Net inflow EUR 1.8bn in Q3
Strong inflow in Nordic Private

Banking and new mandates for Institutional clients

Inflow of EUR 0.1bn in Retail

funds

Net outflow from European

Fund Distribution

gross inflow

utflow from one fund continues

1.8 0.6 0.9 3.4 3.3

SLIDE 61

61

Retail operating profit before loan losses

EURm YoY

Profit up 16%

double digit volume growth increased no. of core customers sales of market related products largely unchanged costs

Plan to capture untapped potential in

Sweden proceeding well

544 577 600 589 556 50 100 150 200 250 300 350 400 450 500 550 600 650 700 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

30 54 Q3/05 32 53 Q3/06 RoEC, % C/I ratio, % Key ratios

SLIDE 62

62

CIB operating profit before loan losses

EURm YoY

Profit up 25%
Strong result in all divisions
High level of activity in M&A market
Good result in Markets

strong underlying demand for hedging

products

Strong volume growth in Poland and

Baltics

125 169 160 145 144 20 40 60 80 100 120 140 160 180 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

21 52 Q3/05 53 29 Q3/06 RoEC, % C/I ratio, % Key ratios

*

*Excl. capital gain from sale of IMB shares

SLIDE 63

63

Asset Management product result

EURm YoY

Up 24%
Higher AuM
Double digit income growth
Improved income and result margin
Successful product launches
Lower transaction fees in Q3

77 93 85 80 96 10 20 30 40 50 60 70 80 90 100 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

144 51 Q3/05 158 53 Q3/06 AuM, EURbn C/I ratio, % Key ratios

SLIDE 64

64

Life insurance, product result

EURm YoY

Net written premiums up 32%
Unit link premiums up 90%

accounting for 40% of total premiums

Fee based business model continues

to deliver

65 56 52 61 56 10 20 30 40 50 60 70 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

7.1 2.1 Q3/05 8.7 2.7 Q3/06 Financial buffers, % Inv return, % Key ratios

SLIDE 65

65

Summary

Continued strong result despite fierce competition – exceeding targets

RoE excl. gain from sale of IMB shares 20.7%

Gap between revenue and cost growth 5 percentage points when

excluding the full impact of IMB sale

Improved cost efficiency

Cost/income ratio down to 53% when excluding the sale of IMB shares. Reported Cost/Income 51%

Nordea’s growth strategy is paying off

increasing no. of core customers strong performance in long term savings – especially private banking increased penetration among SME clients with Markets related products lending volumes up from high level growth strategies in Sweden and Poland & Baltics developing well

SLIDE 66

Facts & figures

SLIDE 67

67

Facts & Figures, content

Credit quality

Page 75

Economic capital

Page 84

Business areas

Page 87

Balance sheet

Page 114

Market shares

Page 117

Appendix

Page 125

SLIDE 68

Credit quality

SLIDE 69

69

Loan portfolio by customer category*

85 84 82 78 79 83 80 84 91 93 97 100 101 105 105 44 46 48 49 50 53 55 56 58 60 63 65 66 68 71 14 15 15 16 16 17 17 17 18 19 19 20 20 21 21

10 20 30 40 50 60 70 80 90 100 110 Q1/03 Q2/03 Q3/03 Q4/03 Q1/04 Q2/04 Q3/04 Q4/04 Q1/05 Q2/05 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Corporate lending Housing loans Other loans

EURbn * Excluding public sector

SLIDE 70

70

Public sector 2.0% Companies 44.9% Household customers 53.1% Companies 45.7% Public sector 1.9% Household customers 52.4%

End Q3/05, EUR 182.1bn End Q3/06, EUR 201.1bn

Loan portfolio by customer group

SLIDE 71

71

Housing loans 76.6% Other loans 23.4%

Lending to household customers

End of Q3/06 EUR 91.9bn

Other loans comprise
consumer credits
investment credits
car financing
verdraft facilities
credit cards
home equity credits

SLIDE 72

72

Commerce and services 5% Finance 10% Transport and communication 14% Shipping & Offshore 12% Agriculture & Fishing 8% Other companies 10% Renting, consulting and other services 11% Manufactoring 14% Real estate 27% Construction 9%

Lending to companies by industry

End of Q3/06 EUR 105.5bn

SLIDE 73

73

201.1 5.3 6.1 13.7 12.5 8.4 14.6 10.8 5.9 3.3 28.6 91.9 Q3/06 198.8 5.2 5.8 14.5 12.0 9.6 14.5 10.4 5.8 3.6 28.0 89.4 Q2/06 190.7 5.4 5.7 15.1 10.4 8.7 14.0 9.9 5.8 2.9 26.8 86.0 Q1/06 182.1 4.8 5.8 12.8 6.1 14.6 12.6 9.9 5.1 3.1 25.6 81.7 Q3/05 188.4 5.3 5.8 14.6 9.6 10.5 13.4 9.9 5.6 2.9 26.2 84.6 Q4/05 Total Shipping & Offshore Agriculture & Fishing Other companies/public sector Renting, Consulting and other services Finance Manufacturing Trade and services Transport, communication Construction Real estate Household customers EURbn

Loan portfolio in figures

SLIDE 74

74

Nordic countries and P&B 93.2% Other non OECD 0.5% USA 1.1% Latin America 0.6% Other EU countries 3.2% Other 6.8% Other OECD 0.3% Asia 1.1%

Lending by geographical area

End of Q3/06 EUR 201.1bn

Nordic countries and P&B, EURbn

Sweden

55.5

Denmark

54.9

Finland

41.8

Norway

32.5

P&B

4.2

SLIDE 75

75

4 1 5 Public sector 9 8 17 Shipping & Offshore 13 28 42 Construction 11 37 48 Transport, communication 12 104 115 Agriculture & Fishing 16 125 141 Renting, Consulting and other services 44 131 175 Other companies 41 119 161 Trade and services 37 277 314 Manufacturing 1,188 20 91 245 Provisions 1,604 28 127 431 Gross 416 7 36 186 Net Total Finance Real estate Household customers

EURm. End of Q3/06

Impaired loans

SLIDE 76

76

Loan losses

EURm 192 156 92 58 86

215
163
123
147
140
23
7
31
89
54
300
250
200
150
100
50

50 100 150 200 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Gross Reversals Net

YoY

Positive loan losses reflecting record

low new provisions coupled with recoveries maintained at a high level

Q3oQ2

Continued flow of recoveries and low

new provisions

Overall credit quality strong in all

markets

SLIDE 77

Economic capital

SLIDE 78

78

Economic capital (EC)

EURbn 8.9 9.0 9.2 9.3 9.0 1 2 3 4 5 6 7 8 9 10 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

1,007 Life 1,924 CIB 162 Asset Mgmt 356 126 Treasury GPT 17 Other 5,712 Retail Banking 9,305 Q3/06 Total EC per business area (EURm)

SLIDE 79

79

Economic capital – distribution

End of Q3/06

Life risk 1% Market risk 15% Operational risk 9% Business risk 12% Credit risk 63% Other 2% CIB 21% Treasury 4% Asset Mgmt & Life 12% Retail 61%

SLIDE 80

Retail Banking

SLIDE 81

81

Retail Banking lending and deposit volumes

23.9 14.3 25.0 21.6 Q3/06 23.9 14.2 25.0 21.4 Q2/06 10.6 11.2 11.9 12.5 12.9 13.4 Norway 21.8 24.1 20.5 Q1/06 22.4 24.8 20.3 Q4/05 21.3 23.9 20.6 Q3/05 20.8 23.4 18.1 Q1/05 20.6 24.0 19.3 Q2/05 18.3 Denmark 21.8 23.7 Q4/04 Sweden Finland Deposits, EURbn 48.8 27.4 38.6 48.7 Q3/06 49.1 26.8 37.7 47.5 Q2/06 20.4 21.8 23.3 24.3 25.2 26.0 Norway 46.5 36.4 45.5 Q1/06 46.1 35.6 45.1 Q4/05 45.2 34.8 43.2 Q3/05 43.3 33.8 41.3 Q2/05 44.0 33.0 38.5 Q1/05 37.4 Denmark 42.6 31.6 Q4/04 Sweden Finland Lending, EURbn

SLIDE 82

82

Retail Banking breakdown of lending

4.3 16.5 17.7 Q3/06 4.2 16.0 17.5 Q2/06 4.0 15.5 16.9 Q1/06 3.9 15.2 16.4 Q4/05 3.8 14.8 16.2 Q3/05 3.7 13.6 15.7 Q1/05 3.8 14.2 15.9 Q2/05 14.7 Corporate 3.6 13.3 Q4/04 Consumer lending Households mortgages Finland, EURbn 6.3 21.8 19.1 Q3/06 6.0 20.8 18.2 Q2/06 5.8 20.3 18.2 Q1/06 5.8 19.6 18.1 Q4/05 5.8 18.8 17.0 Q3/05 5.5 17.2 14.7 Q1/05 5.7 17.9 16.1 Q2/05 14.3 Corporate 5.3 16.8 Q4/04 Consumer lending Household mortgages Denmark, EURbn

SLIDE 83

83

Retail Banking breakdown of lending

3.7 19.5 24.0 Q3/06 3.6 19.2 24.8 Q2/06 3.4 18.3 23.5 Q1/06 3.4 18.0 23.5 Q4/05 3.3 17.4 23.2 Q3/05 3.3 16.6 22.9 Q1/05 3.3 16.6 22.2 Q2/05 21.6 Corporate 3.4 16.4 Q4/04 Consumer lending Household mortgages Sweden, EURbn 1.0 14.0 12.7 Q3/06 1.0 13.3 12.7 Q2/06 0.9 12.8 12.3 Q1/06 0.9 12.4 12.0 Q4/05 0.8 11.9 11.5 Q3/05 0.7 10.5 10.6 Q1/05 0.8 11.4 11.1 Q2/05 10.4 Corporate 0.6 10.1 Q4/04 Consumer lending Household mortgages Norway, EURbn

SLIDE 84

84

Retail Banking breakdown of deposits

7.7 9.9 7.4 Q3/06 7.5 10.1 7.4 Q2/06 7.2 9.9 7.0 Q1/06 7.1 10.4 7.2 Q4/05 6.6 10.4 7.0 Q3/05 6.5 9.9 6.9 Q1/05 6.6 10.3 7.2 Q2/05 7.0 Corporate 7.1 9.6 Q4/04 Households, savings accounts Households, current accounts Finland, EURbn 9.9 3.3 8.3 Q3/06 9.9 3.4 8.0 Q2/06 9.5 3.1 7.8 Q1/06 9.4 3.2 7.8 Q4/05 9.5 3.1 8.0 Q3/05 9.0 3.1 7.2 Q2/05 8.4 2.9 6.8 Q1/05 7.2 Corporate 8.1 2.9 Q4/04 Households, savings accounts Households, current accounts Denmark, EURbn

SLIDE 85

85

Retail Banking breakdown of deposits

7.8 5.5 10.6 Q3/06 7.4 5.4 11.1 Q2/06 6.7 5.0 10.1 Q1/06 6.3 5.0 11.0 Q4/05 6.8 5.0 9.6 Q3/05 6.4 4.9 9.5 Q1/05 6.5 4.8 9.4 Q2/05 10.6 Corporate 6.3 4.9 Q4/04 Households, savings accounts Households, current accounts Sweden, EURbn 3.8 2.1 8.3 Q3/06 3.7 2.2 8.3 Q2/06 3.7 2.0 7.7 Q1/06 3.7 1.8 7.4 Q4/05 3.9 1.7 6.9 Q3/05 3.8 1.7 6.3 Q2/05 3.6 1.4 6.2 Q1/05 5.7 Corporate 3.5 1.4 Q4/04 Households, savings accounts Households, current accounts Norway, EURbn

SLIDE 86

86

Retail Banking margins

1.69 1.03 3.53 0.63 0.95 Q3/06 1.66 1.02 3.61 0.70 0.98 Q2/06 0.93 0.92 0.85 0.81 0.76 0.75 Mortgages, households 4.18 4.07 4.04 3.81 3.74 3.66 Consumer loans, households 1.62 1.01 1.00 Q1/06 1.55 1.05 1.04 Q4/05 1.56 1.06 1.06 Q3/05 1.55 0.86 1.13 Q1/05 1.53 1.06 1.09 Q2/05 1.13 Lending to SME’s 1.58 0.92 Q4/04 Deposits, households Deposits, SME’s %

SLIDE 87

Payments & transactions

SLIDE 88

88

E-banking customers, all customers

E-banking customers

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Feb-00 June- Oct-00 Feb-01 June- Oct-01 Feb-02 June-02 Oct-02 Feb-03 Jun-03 Oct-03 Feb-04 Jun-04 Oct-04 Feb-05 Jun-05 Oct-06 Feb-06 Jun-06 Mill.

E-banking payments

5 10 15 20 25 30 35 40 45 50 55 Q1/00 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Denmark Finland Norway Sweden Mill.

SLIDE 89

89

Cards, all customers

Issued debit and credit cards

0.0 1.0 2.0 3.0 4.0 5.0 Jan-01 May-01 Sept-01 Jan-02 May-02 Sept-02 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06

Debit cards Credit cards

Mill.

Card payments

20 40 60 80 100 120 140 160 180 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Mill.

SLIDE 90

90

Payment transactions, households

20 40 60 80 100 120 140 160 180 200

Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06

Manual transactions Payment ATMs Card payments Cash withdrawal ATMs Direct debit Netbank payments

SLIDE 91

91

Payment transactions, households

941.0 124.6 81.4 125.0 514.9 12.6 82.5

Jan-Sept 2006

78.2 97.6 117.3 139.3 155.7 E-banking payments 898 961 1,026 1,109 1,187 Total 78.5 207.2 333.5 34.3 166.2

2001

81.5 204.4 395.5 31.7 150.6

2002

86.1 197.4 459.9 27.1 137.7

2003

527.8 603.6 Card payments 23.6 19.7 Payterminals 129.1 124.6 Manual transactions 190.4 181.7 Cash withdrawal ATM 101.2

2005

98.5

2004

Direct debit Mill.

SLIDE 92

Corporate and Institutional Banking

SLIDE 93

93

CIB lending and deposit volumes and margins

0.83 31.1 3.8 9.1 1.3 12.0 Q3/06 0.87 32.3 3.7 9.1 1.5 12.7 Q2/06 0.93 32.2 3.4 8.6 2.0 12.0 Q1/06 0.96 32.4 3.3 8.5 1.7 11.1 Q4/05 0.86 32.5 2.5 7.7 2.0 12.0 Q2/05 0.91 32.2 2.8 8.1 1.8 10.9 Q3/05 26.6 30.9 Total* 2.4 2.3 Poland and Baltic 10.8 12.8 Corporate Banking Division 0.94 6.5 2.0 Q1/05 5.9 International and Shipping Division 1.4 Financial Institutions Division Q4/04 Lending, EURbn 0.98 Margins**, % * Incl. Markets volumes ** Excl. Markets and Poland & Baltics 0.38 25.1 2.0 3.8 11.3 6.7 Q3/06 0.37 26.4 1.9 4.5 10.3 7.5 Q2/06 0.37 25.7 1.8 4.3 10.4 6.6 Q1/06 0.40 26.8 1.8 4.3 10.9 7.0 Q4/05 0.40 24.7 1.4 3.6 8.8 8.0 Q2/05 0.39 23.3 1.5 3.6 8.6 6.3 Q3/05 24.9 26.7 Total* 1.3 1.3 Poland and Baltic 9.1 8.9 Corporate Banking Division 0.37 3.2 11.1 Q1/05 3.0 International and Shipping Division 9.0 Financial Institutions Division Q4/04 Deposits, EURbn 0.38 Margins**,%

SLIDE 94

94

Nordea operations in Poland and the Baltic countries

13** 5 1 5 4 Operating profit (Q3), EURm 1.1 % 3.1 % 3.6 % 4.9 % Market share, deposits, % 18 1.7 % 1,091 1,478 1,808 847 41 351,600 Poland 6 5 3 Country position, overall 1,679 186 325 309 Number of FTEs 81 10 16 14 Branches/salespoints 1,204,750* 33,150 39,550 51,450 Customers 5,089 801 1,279 1,202 Total assets, EURm 7.5 % 366 1,195 Latvia 9.7 % 333 1,061 Estonia 6.1 % 277 721 Lithuania Market share, lending, % 2,068 Deposits, EURm 4,454 Commitments***, EURm Total End of Q3/06

* Incl. Polish Life customers *’ Difference compared to summary of country result is explained by booking of provisions *** Includes guarantees

SLIDE 95

Asset Management & Life Insurance

SLIDE 96

96

* All funds targeted at Nordic Retail segment. ** Includes EUR 4.9bn in pension pools products

Breakdown of AuM by market and channels

Denmark Finland Norway Sweden Europe North America Retail funds*

(sold through

wn distribution)

Fund sales through third-parties Private Banking Institutional customers Total by market Q2/06 EURbn 158.4 36.0 17.7 6.8 1.7 18.5

5.2
16.6

14.6 1.8 8.7

10.9

4.2 3.8 2.9 2.7 0.5 18.1** 8.6** 4.7**

5.8

3.6** 1.0 63.3 34.2 12.0 30.8 17.6 0.5 25.0 47.5 5.2 44.7 Life & Pensions

SLIDE 97

97

Asset Management – margins*

Bps Q3oQ2

Income margin down 2bp,

which can be a ascribed to lower and more

normalised transaction income

Operating expenses margin in line

with last quarter

Result margin unchanged
Unchanged asset mix

63 71 70 66 64

20
22
22
21
21

30 37 35 32 30

30
20
10

10 20 30 40 50 60 70 Q3/05 Q4/05 Q1/06 Q2/06 Q3/06 Income margin Operating expenses margin Result margin

*Margins calculated using average AuM for Asset Management Activities excl. Nordic Private Banking activities. In Q3 these assets were EUR 106.8bn. Volumes used for calculating margins have been restated compared to previously reported figures. Non-income generating mandates of EUR 9bn have been deducted.

SLIDE 98

98

Asset structure*

Q3/06

Nordic fixed income 46% Int'l. equities 27% Nordic equities 14% Int'l. fixed income 13%

*Average AuM for Asset Management activities excl. Nordic Private Banking activities, in Q3 this was EUR 106.8bn

Q3/05

Nordic fixed income 44% Int'l. equities 29% Nordic equities 14% Int'l. fixed income 13%

SLIDE 99

99

European fund distribution

1,000

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 Q3/00 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Inflow AuM

EURbn

SLIDE 100

100

Life - breaking out profit drivers

Fee based on size of life provisions in “with profit” companies – DK, FI
Profit-sharing from the Norwegian business (existing model, change pending)
25% of surplus/deficit from cost result in DK, 100% from FI and SE
Profit-/loss-sharing in Norway
25% of surplus/deficit from risk result in DK, 100% from FI and SE
Profit-/loss-sharing in Norway
Investment return from separated shareholders’ equity (DK, SE)
Health and accident result, holding company result etc.
Net unit-linked result including unit-linked cost/risk result
Commissions paid to Retail Banking less distribution cost in Retail Banking

Fee contribution Contribution from cost result Contribution from risk result

Inv. return on

shareholders’ equity Other profits Unit-linked Retail commission and distribution cost

SLIDE 101

101

Life - profit drivers

267 454 720 37 61

4

14 51 5 6 6 34 Q3/06 404 560 964 35 52

4

13 43 5 1 6

4

35 Q2/06 390 582 972 30 56

4

13 47 5 7

1

36 Q1/06 474 607 1,081 29 56

3

10 49 6 1 10

1

33 Q4/05 24 Of which income within Retail Key figures 577 Premiums written, net of reinsurance 404 Here of from Traditional business 174 Here of from Unit-linked business 65

4

9 60 7 3 7 43 Q3/05 Total Profit Unit linked Traditional insurance Other profits Estimated distribution cost in Retail

Inv. return on Shareholders Equity

Total Profit Traditional Total product result Contribution from risk result Contribution from cost result Fee contribution/profit sharing EURm

SLIDE 102

102

Life – net written premiums by market

720 97 95 151 134 244 Q3/06 964 124 153 221 205 262 Q2/06 68 254 151 Sweden 33 111 107 Other 577 1,081 972 Total 90 147 236 Norway 222 296 237 Denmark 164 273 241 Finland Q3/05 Q4/05 Q1/06 EURm

SLIDE 103

103

Life, investments

EURbn

Equities

predominantly listed equities 1/3 Nordic, 2/3 international

Bonds

¾ Nordic issuers primarily govmn’t & mortgage inst.

5 10 15 20 25 30 35

Q3/05 Q4/05 Q1/06 Q2/06 Q3/06

Equities Real Estate Alternative investments Bonds Unit linked

29,1 29,9 30,5 30,3 31,1

SLIDE 104

104

Life - asset allocation

19 21 30.3 31.1 Total 6 17 21 27 Q3/06 Equities, % 6 16 19 25 Q2/06 3.2 4.5 8.1 13.6 Q2/06 Q3/06 3.4 Sweden 4.4 Norway 8.3 Finland 14.0 Denmark Total, EURbn

SLIDE 105

105

Life - solvency situation

End of Q3/06 215 77 144 67 Sweden** 333 536 766 230 Finland 122 109 614 505 Denmark 208 157 302 145 Norway* Solvency in % of requirement Solvency buffer Actual solvency Required solvency EURm

* Excluding unit linked company ** Nordea Life Sweden I

SLIDE 106

106

Life – solvency sensitivity

End of Q3/06 215 208 333 122 Solvency in % of requirement 212 208 270 122 Equities drop 12% 211 208 359 119 Interest rates down 50bp 208 Norway 197 Sweden 124 Denmark Finland 308 Interest rates up 50bp

SLIDE 107

107

Life – financial buffers

8.7 8.3 4.6 5.3 11.7 Q3/06 1,901 139 157 286 1,318 Q3/06 12.0 189 Sweden

% of total provisions EURm

9.0 1,909 Total 4.2 222 Finland 12.4 1,352 Denmark 4.1 146 Norway Q2/06 Q2/06

SLIDE 108

108

Life – buffers in different scenarios

End of Q3/06

EURm

139 157 286 1,318 Financial buffers, actual 124 81 141 1,069 Equities drop 12% 78 162 345 1,213 Interest rates down 50bp 152 Norway 190 Sweden 1,398 Denmark Finland 229 Interest rates up 50bp

SLIDE 109

Balance sheet

SLIDE 110

110

Balance sheet

325,549 12,960 21,386 7,822 28,602 82,609 26,830 115,550 29,790 325,549 69,355 28,876 188,460 31,578 7,280 31 Dec 2005 12,868 14,336 Total equity 320,098 328,705 Total assets 36,154 35,431 Deposits by credit institutions 107,953 119,074 Deposits and borrowings from the public 25,944 29,744 Liabilities to policyholders 73,702 78,595 Debt securities in issue 328,705 19,193 8,202 24,130 68,612 24,419 201,126 27,244 7,304 30 Sept 2006 320,098 23,490 8,299 31,688 67,793 32,282 181,920 24,521 13,582 30 Sept 2005 Other liabilities Other assets Derivatives Subordintated liabilities Loans and receivables to credit institutions Derivatives Loans and receivables to the public Total liabilites and equity Treasury bills and other eligible bills EURm

SLIDE 111

111

Capital base

185,052 16,192 168,860 9.5% 17,613

173
1,535

812 6,617 6,9% 12,704

1,001
1,765
275

1,457 14,288 Q3/06 180,382 15,252 165,130 9.3% 16,784

290
1,535

812 6,410 6.8% 12,199

634
1,800
304

1,458 13,479 Q2/06 173,618 16,312 157,306 9.4% 16,284

276
1,537

827 6,376 6.8% 11,721

1,210
1,795
308

1,462 13,572 Q1/06 14,399 15,545 RWA market risk

282
279

Deductions for other investments 16,009 15,486 Total capital base 9.9% 9.2% Total capital ratio 833 837

of which perpetual subordinated loans

169,028 153,483

1,535

5,862 6.8% 11,438

831
1,794
327

1,472 12,918 Q4/05 162,394 147,995

1,535

6,445 7.0% 11,381

696
1,804
460

1,395 12,946 Q3/05 RWA credit risk Tier 1 capital Tier 1 capital ratio Tier 2 capital Deductions for investments in ins. companies Hybrid capital loans Goodwill Other items net Deferred tax assets Total RWA Core equity EURm

SLIDE 112

Market shares

SLIDE 113

113

Market position in Nordic markets

9.5% 11.1% 30.8% 14.8%

consumer lending

3.7% 10.6% 30.3% 14.7% Life & Pensions (end June) 14.0% 16.8% 34.7% 19.9%

lending

19.9% 15.8% 41.9% 25.3%

deposits

17.8% 8.3% 32.9% 21.7%

deposits

15.6% 12.3% 31.2% 15.2%

mortgage lending

2.3% 13.6% Sweden 2.8% 8.3% Norway 4.2% 26.7% Finland 7.7% 19.8% Denmark Corporate customers Brokerage (Ytd 2006 - Sept) Investment funds Personal customers Market shares

* Statistics mainly from August 2006

SLIDE 114

114

Personal customer deposits - market volume & share

10 20 30 40 50 60

A u g

4

O c t

4

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

30% 32% 34% 36% 38% 40% 100 200 300 400 500 600

Jun-05 Aug-05 Oct-05 Dec-05 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-06 Feb-06 Apr-06 Jun-06

18% 20% 22% 24% 26% 28% 100 200 300 400 500 600 700

Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06

15% 17% 19% 21% 23% 25%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 500 600

Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06

5% 7% 9% 11% 13% 15%

SLIDE 115

115

Corporate deposits - market volume & share

5 10 15 20 25 30

A u g

4

O c t

4

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

35% 37% 39% 41% 43% 45% 100 200 300 400

J u n

3

A u g

3

O c t

3

D e c

3

F e b

4

A p r

4

J u n

4

A u g

4

O c t

4

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

6

F e b

6

A p r

6

J u n

6

14% 16% 18% 20% 22% 24% 26% 28% 30% 32% 100 200 300 400 500

Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06

10% 12% 14% 16% 18% 20%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share 100 200 300 400 500 600

Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06

10% 15% 20% 25% 30%

SLIDE 116

116

Personal customer lending - market volume & share

10 20 30 40 50 60 70

A u g

4

O c t

4

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

29% 30% 31% 32% 33% 34% 35% 100 200 300 400 500

Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06

8% 9% 10% 11% 12% 200 400 600 800 1000 1200

A u g

3

O c t

3

D e c

3

F e b

4

A p r

4

J u n

4

A u g

4

O c t

4

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

8% 9% 10% 11% 12%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

100 200 300 400

Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-06 Feb-06 Apr-06 Jun-06

12% 14% 16% 18% 20% 22%

SLIDE 117

117

Mortgage lending households - market volume & share

200 400 600 800 1000 1200

Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06

10% 12% 14% 16% 18% 20% 200 400 600 800 1000

A u g

3

O c t

3

D e c

3

F e b

4

A p r

4

J u n

4

A u g

4

O c t

4

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

8% 9% 10% 11% 12% 13%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

200 400 600 800 1000

Jun-03 Sep-03 Dec-03 Mar-04 Jun-04 Oct-04 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06

0% 4% 8% 12% 16% 20% 10 20 30 40 50 60

Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06

30% 31% 32% 33% 34% 35%

SLIDE 118

118

Corporate lending - market volume & share

10 20 30 40 50

A u g

4

O c t

4

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

32% 34% 36% 38% 40% 42% 250 500 750 1,000 1,250 1,500 1,750 2,000 2,250

Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-06 Dec-05 Feb-06 Apr-06 Jun-06 Aug-06

10% 12% 14% 16% 18% 20% 100 200 300 400 500 600 700

A u g

3

O c t

3

D e c

3

F e b

4

A p r

4

J u n

4

A u g

4

O c t

4

D e c

4

F e b

5

A p r

5

J u n

5

A u g

5

O c t

5

D e c

5

F e b

6

A p r

6

J u n

6

A u g

6

10% 12% 14% 16% 18% 20%

EURbn

Finland

DKKbn

Denmark

SEKbn

Sweden

NOKbn

Norway

Market volume Market share

100 200 300 400 500 600

Jun-03 Aug-03 Oct-03 Dec-03 Feb-04 Apr-04 Jun-04 Aug-04 Oct-04 Dec-04 Feb-05 Apr-05 Jun-05 Aug-05 Oct-05 Dec-06 Feb-06 Apr-06 Jun-06

18% 20% 22% 24% 26% 28% 30%

SLIDE 119

Appendix

SLIDE 120

120

Ratings

AA- F1+ AA- A-1+ Aa3 P-1 Nordea Bank AB A-1+ A-1+ A-1+ A-1+ Short S&P AAA AAA AA- AA- AA- Long Long Short Long Short A1 P-1 Norgeskreditt Aaa Nordea Kredit Aaa Nordea Hypotek* AA- F1+ Aa3 P-1 Nordea Bank N AA- F1+ Aa3 P-1 Nordea Bank F AA- F1+ Aa3 P-1 Nordea Bank D Fitch Moody’s

*Covered bond rating

SLIDE 121

121

Total Shareholder Return (TSR),%

Nordea peer group* 1/1-06 – 29/9-06

4 4 5 8 8 8 9 9 11 14 18 19 20 21 23 29 41 26 14 17

10
5

5 10 15 20 25 30 35 40 SHB SWEDBANK COMMERZBANK RBOS ERSTE BANK DANSKE BANK KBC ABN AMRO HBOS DnB NOR BARCLAYS UNICREDITO LLOYDS TSB BANK OF IRELAND ALLIED IRISH BANK NORDEA SEB SOCIETE GENERALE BNP PARIBAS HYPOVEREINSBANK

% *As defined by Nordea

SLIDE 122

122

Largest registered shareholders, end of Q3/2006

0.5 12.3 Govt of Singapore Inv Corp 1.8 46.3 AMF Pension 1.5 38.1 Nordea Funds 1.3 34.4 Skandia Life Insurance 1.0 25.5 Second Swedish National Pension Fund 1.0 24.9 First Swedish National Pension Fund 0.8 20.2 Third Swedish National Pension Fund 0.4 9.8 ABU Dhabi 0.5 13.1 Franklin-Templeton Funds 44.8 1,161.2 Total for the 20 largest shareholders 2.7 69.7 Robur Funds 2.7 69.6 Alecta 19.9 515.6 Swedish state 4.0 102.5 Nordea Danmark fund 2.3 60.9 SBH/SPP Funds 1.9 49.1 SEB Funds 0.7 18.0 Fourth Swedish National Pension Fund 0.6 16.6 AMF Pension Funds 0.4 9.9 Skandia Funds 0.5 12.1 Länsförsäkringar Funds 0.5 12.7 Nordea Profit Sharing Foundation % Number of shares Shareholder

SLIDE 123

123

3.97 2.21 4.48 2.85 4.08 2.89 3.94 2.76 30-06-06 3.93 2.54 4.42 3.06 3.99 3.24 3.84 3.05 30-09-06

0.04

0.33

0.05

0.21

0.09

0.35

0.10

0.29 Change Q3/06 Short, SE Long, SE Short, NO Long, NO Long, DK Short, DK Long, EUR (5 years) Short, EUR (one week) %

Market development – interest rates

SLIDE 124

124

Macro data – Nordic market

% 2006e 2007e 2008e Gross domestic product DK 2.5 1.9 2.0 FI 4.4 2.7 2.9 NO 3.1 2.3 2.4 SE 4.2 2.9 2.5 Inflation DK 2.0 2.0 1.9 FI 1.7 1.6 1.6 NO 2.6 1.4 2.1 SE 1.4 2.0 2.1 Private consumption DK 2.5 2.0 1.9 FI 3.6 2.2 2.6 NO 3.1 2.6 2.4 SE 3.3 3.0 2.2 Unemployment DK 4.6 4.5 4.5 FI 7.9 7.4 7.3 NO 3.4 3.0 3.0 SE 5.4 5.0 4.8

Source: Nordea Markets Economic Outlook September 2006. In Norway, forecasts are for mainland GDP